From the earnings announcement: "Customers that accounted for ten percent or more of the $224.8 million of first nine months 2011 total revenue were Samsung (34 percent), RIM (15 percent) and HTC (11 percent)." So, for the first 9 months, Apple accounted for less than 10% of IDCC's revenues. So, < $23 million for 9 months, which is less than $30 million annually. Apple will need to pay much more when their contract with IDCC runs out in 2014 ... unless an Apple consortium buys IDCC.
It's looking more and more like the BOD will simply decide to remain independent rather than sellout for a lowball offer. Then the question becomes, does IDCC have long term value and future potential in the $40's?? I think it clearly does with a long term view.